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Bianco Reels in Rainier Place for $13.2M

TACOMA, WA-Bianco Properties, a St. Louis-based real estate investment firm, has purchased yet another Puget Sound property, the Rainier Place Shopping Center. Last winter, the firm also purchased the Lynwood Plaza Shopping Center.

By Gina Binole | Updated on March 04, 2002

TACOMA, WA-Marking its continued expansion of commercial real estate holdings in the Puget Sound area, Bianco Properties has bought Rainier Place Shopping Center. To date, the company has invested $25 million in regional real estate in the past year.

The 87,062-sf facility was bought from Terranomics Rainier Partners for roughly $13.2 million. In the winter of 2001 the Bianco acquired the 69,432 square foot Lynnwood Plaza Shopping Center (aka World Lighting Plaza) in Lynnwood, WA from Center Trust, Inc.

“Rainier Place is another strong retail investment for our company in the Puget Sound region,” says Daniel Wolk, Vice President of Bianco Properties, responsible for the company’s acquisitions. “We have been very interested in complimenting our retail investment in Lynnwood with additional commercial properties in the Puget Sound region and the acquisition of Rainier Place has provided us that opportunity…We hope that these investments will act as catalyst in purchasing other quality investment properties in the coming months in both the Seattle & St. Louis metropolitan areas “

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